In a move to address the escalating financial
pressures on Kenyan households, Jubilee Life Insurance
has officially launched
Faida Elimu Insurance Plan.
The transformative education protection and
investment solution is designed to ensure that a child’s academic journey remains uninterrupted, regardless of life’s uncertainties.
While education is often hailed
as a key pillar of Kenya’s economy,
the reality for many Kenyan
families is increasingly
defined by education uncertainties and uneasiness.
According to Kenya’s Inequality Crisis Report by
Oxfam, approximately 36% of Kenya’s population is under the age of 15, with
over 14 million pupils currently enrolled in primary and secondary schools.
However, significant financial barriers persist, with households spending
up to 14% of their income on school fees alone.
Faida Elimu Insurance Plan strengthens the Vision 2030 goal by the Kenyan
government to achieve
basic education supported by the state’s primary mandate to ensuring
successful transition through the education system by enforcing policies that
prevent learning disruptions by empowering parents to proactively secure their
children’s transition to the next education level, thereby supporting national
human capital development.
The Faida Elimu
Insurance Plan moves beyond traditional insurance by functioning as a
high-yield, investment-linked policy that mandates a long-term savings
discipline. It is engineered to provide a financial safety
net against school
fee shocks and the sudden disruptions caused by loss of income
or family tragedy that often
force children out of school.
Asman Mugambi,
CEO and Principal Officer at Jubilee Life Insurance Company Limited said, “As a
company, we are called to think beyond
products and intentionally design practical solutions that relieve both the psychological and financial burdens
among Kenyan families.”
“Every parent wants
their child to go
further than they ever did, without
anything limiting that dream. Predictability and dignity ensure that a
child’s education journey continues even when life takes unexpected turns.”
Faida Elimu Insurance Plan is designed
for accessibility, allowing
for monthly contributions starting from as low
as KES 5,000 or a one-off deposit of KES 100,000 with a top option.
It
integrates an investment linked with Life risk component that offers competitive returns alongside a mandatory Last Expense
cover of Sh100,000 and Life cover of up to Sh1 million. This structure is specifically tailored
for Kenyan parents and guardians who are navigating the rising costs of private
and specialised education and seek a secure way to plan, save, and protect
their children’s academic future.